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Bluebird Merchant snaps up rest of Batangas gold project

Bluebird Merchant Ventures revealed it had bought the rest of the Batangas gold project in the Philippines.
gold nuggets
A pre-feasibility study that showed the project would produce a free cash flow (after capital costs) of A$46million based on the maiden reserve

Bluebird Merchant Ventures Ltd (LON: BMV) shares advanced as it revealed it had bought the rest of the Batangas gold project in the Philippines.

It issued 1.25mln Bluebird shares and a 1% NSR (net smelter royalty) to ASX listed Red Mountain Mining to secure the acquisition.

Bluebird previously held a 25% stake in the site, which has an established JORC resource of 445,000 ounces of gold.

The project has  a maiden reserve of 128,000 ounces of gold (including silver credits) which included 100,000 ounces at 4.2g/t (grammes per tonne) gold.

A pre-feasibility study that showed the project would produce a free cash flow (after capital costs) of A$46million based on the maiden reserve. 

The project has an additional 320,000 ounces of majority JORC Inferred resources that are available for future conversion.

Bluebird shares added 5.88% in London to 2.25p.

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